Avoid Picky Parent Thinking When Selling Your Business

We all know “them” and many of us have been them – those picky parents that will never be satisfied with who their child is dating. He’s not good enough for my daughter, or she isn’t the right one for my son! Picky Parent thinking comes from wanting the best for your children – it also assumes that what you want for your children is what will be the best for them in the future. Of course this doesn’t always prove to be true!

There is a lot of emotion involved in making a decision to sell your business. Most owners have poured their heart and soul into building a company they want to see succeed into the future. They are concerned about their customers and employees and want to make sure they are taken care of. As a result, it’s easy for sellers to slip into Picky Parent Thinking – wanting to filter every buyer through their personal standards and preferences. As sellers think about the future owner of their business, they often assume the buyer will be a lot like them, have their background, and have the “right experience” in their industry.

In reality, people who buy businesses mirror the diversity of our nation and often come from very different backgrounds and industries than the owner of the business they purchase. Regardless of if you sell to a single person, another business that wants to grow through acquisition, or an investment group looking to add to their portfolio – they are all filled with human beings different than you.

These entrepreneurial humans seeking to own businesses differ by race, gender, religion, age, background, physical ability, geographic location, marital status, and life experiences. They all have one thing in common; they understand that owning a business is an opportunity for both personal and financial success. They are willing to take a risk and step up to the opportunity of growing whatever business they purchase. They have a drive to succeed!

Don’t let first impressions of your buyer prevent a great opportunity for your business to thrive into the future. Just like the kid dating your son or daughter – at first glance they may not seem ideal. For instance: Their hair is too long, they have tattoos showing, they have a different accent than you, or they’re too old or too young for your comfort. None of this prevents them from being a better employer or business owner than you – they are simply different. Certainly, work and life experience, skills and education can play a role in the strength of a buyer, however these attributes can also be hired, or likely already exist in your current employees.

As a business owner ready to sell – you want your business, your team and your customers to be in good hands. Consider these attributes that most successful acquirers will have. They:

• are financially qualified and have the financial resources to cover operating expenses and invest in growth.
• engage in good due diligence to understand what they are buying.
• have transferable skills, even without direct experience in your particular industry. Skills like critical thinking, problem-solving, and communication lead to success.
• have the ability to learn and adapt.
• seek professional advice and guidance throughout the sales process, and after they purchase.

Don’t let Picky Parent thinking prevent you from saying yes to a good deal! Your buyer may be nothing like you – and they can still be wildly successful!